The broader markets hit the most as the Nifty Midcap and Smallcap indices lost more than 1 percent on weak breadth. About 1,129 shares declined against 456 advancing shares on the BSE.

The market wiped out morning gains in the last couple of hours of trade and ended lower on Wednesday as investors turned cautious ahead of September CPI inflation and August industrial output data due on Thursday. The cut in India’s growth forecast by World Bank also dampened sentiment.

The broader markets hit the most as the Nifty Midcap and Smallcap indices lost more than 1 percent on weak breadth. About 1,129 shares declined against 456 advancing shares on the BSE.

Meanwhile, India’s GDP may slow from 8.6 percent in 2015 to 7 percent in 2017 because of disruptions by demonetization and the GST, the World Bank has forecast and warned that subdued private investment due to internal bottlenecks could put downside pressures on the country’s potential growth. The International Monetary Fund also lowered India’s growth projection to 6.7 percent in 2017, 0.5 percentage points less than its previous two forecasts and slower than China’s 6.8 percent.

All sectoral indices barring IT ended in red today. PSU Bank index fell 2.4 percent, maybe after disappointing earnings from Lakshmi Vilas Bank that reported an 84 percent degrowth in net profit on a sharp rise in provisions for the quarter ended September 2017.

Nifty Bank, Metal, and Pharma indices were down 1-1.4 percent while IT index gained 0.55 percent ahead of TCS earnings that will be announced on Thursday after market hours. TCS, Wipro and HCL Technologies gained 1-1.7 percent but Infosys fell 0.5 percent.

Bharti Airtel tanked 5 percent and Bharti Infratel was up 2.66 percent on a media report indicated that KKR-led consortium of funds is in talks to acquire Indus Towers and Bharti Infratel.